(EUobserver) European Investment Bank countries to replace UK cash

The European Investment Bank, the EU’s lending institution, cut lending by nearly 20 percent last year and plans to keep financing at a similar low level in 2019 at around €60bn, its president, Werner Hoyer, told press on Tuesday, according to Reuters. In preparation for Brexit the remaining member states are going to replace the ‘callable’ capital in the bank in proportion to their capital share, he said.